What does bankruptcy mean?
You can no longer be a director, shadow director or officer of a limited company.
If your business is insolvent, assets must be carefully sold off for their true and accurate value to pay back debt.
You must declare your bankruptcy to anyone lending you more than £500.
Current debtor fees are £680, being an application fee of £130 and a deposit of £550. The fee can be paid by instalments, although an Order will not be made until the fee has been paid in full.
All of your bank accounts will be frozen when you go bankrupt. For them to be released you must apply to your Trustee (usually an insolvency practitioner).
You can still open new bank accounts – but the majority of banks close down any accounts of bankrupt customers, so it can be difficult.
